So I posed the question yesterday, after reciting how credit was once extended through the economy with no interest whatsoever. the bank have crowded out this good interest with asset-less backed bad interest, (tautological) at interest and have grown into monsters, too big to fail.
The question?
Reflect on how much credit, non-interest based, asset-backed (production) is extended at any given time. Well, it equals all payroll due at any given time. Hundreds of billions in float? Truly, employees must be the single largest banker on earth.
Banks have usurped the economy, hijacked it to their ends, turning USA into a FIRE (finance, investment & real estate) economy, and easing production out of our country. The only way to change this is to return to the patterns and practices where we extended credit and the banks are a minor player in the economy.
Don't count on it. But there is nothing to keep you from doing this unilaterally, and enjoying outsized results as those "invested in the capitalist economy" turn on each other fighting over too many claims on too few assets.
Start your own business now.
Feel free to forward this by email to three of your friends.
The question?
Now, you tell me... of all that old-school credit extension, starting with the extractors, and ending with the fellow who goes into the pub and gets a beer on his tab... all that credit stats with the extractors... where do they get their credit to pay for the extraction.The answer: anyone who receives a paycheck. All earners extend asset-backed credit to their employer. You wait a week, two weeks a month to be paid. That credit extended, while you extract tin in the mine, to your employer, who has organized operation such that collectively more money will come in from selling the extracted tin than costs to extract it, including the cost to pay the labor. This credit extension continues as the processor employees extend their credit to their employers, the manufactures employees do likewise, the wholesalers and retailers, and ultimately the miner who comes in for a beer on his tab is good for it because that miner has extended credit to his employer.
Reflect on how much credit, non-interest based, asset-backed (production) is extended at any given time. Well, it equals all payroll due at any given time. Hundreds of billions in float? Truly, employees must be the single largest banker on earth.
Banks have usurped the economy, hijacked it to their ends, turning USA into a FIRE (finance, investment & real estate) economy, and easing production out of our country. The only way to change this is to return to the patterns and practices where we extended credit and the banks are a minor player in the economy.
Don't count on it. But there is nothing to keep you from doing this unilaterally, and enjoying outsized results as those "invested in the capitalist economy" turn on each other fighting over too many claims on too few assets.
Start your own business now.
Feel free to forward this by email to three of your friends.
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